Newsletter

Covid-19 conditions still dampen activity, prices stable; condos show price reductions

As to be expected, home sales across Metro Vancouver showed a steep decline in April due to Covid-19. However, that is not to say that the market is dormant. In fact, considering the impact on normal home shopping activity at this time of year, prices across all property types show a remarkable robustness. The one-month overall decline of 56 per cent in residential ales since March still correlated with a 0.2 per cent increase in the composite benchmark price for the same period. At the end of April the benchmark price rose to $1,035,000. On a one-year comparison, this is 2.5 per cent higher than April 2019 and is line with the steadily increasing prices in an otherwise stable market since October 2019. One persistent decrease, however, is the number of new listings in Metro Vancouver. As reported in this newsletter at the end of last year, there has been a steady decline in the rate of new listings for several years. It is difficult to analyse the factors for the decline in new listings in the current conditions. The basic reason may well be that sellers expect prices to rise significantly from their current level in the foreseeable future. There is still an ample supply to provide a good choice with over 9,300 homes currently listed. But it’s worth watching the supply side. With nearly a 60 per cent decrease in new listings compared with one year ago, and a 50 per cent decrease month-over-month decrease in April 2020, a diminishing supply could be a factor if prices begin to rise more rapidly. However, I would remind anyone who is thinking about selling now that prices have been relatively stable for many months, so by listing now you can get readily noticed. I can advise you from direct market experience how to set an optimal for you home. Please give me call if you want chat.


I am also encouraging anyone who is home shopping to take advantage of the many new online tools to facilitate your search, your financing, and even the purchase process. Online innovations can assist you greatly. Please take a look at the resources included for you on my website at: www.liveincentralcity.ca


If you would like to remain active in your home searching while remaining at home, this one-stop-shop has everything you will need. Here you can easily conduct a search for any property type across Metro Vancouver, with updates loaded every 15 minutes. You will be able to locate the available listed property, its listed price. its street address, and find its location quickly on the interactive map along with a clear picture of the property. You can also create your own custom market comparison and quickly see what sales activity has recently occurred in the neighborhood with data on price changes and comparable properties recently sold. Below I have listed my monthly comparison of benchmark prices for each property type in selected areas of the greater Vancouver region. By comparing benchmark prices provided by the Greater Vancouver Real Estate Board, you can get a good idea of what comparable homes cost in different areas. The selection I have made for you is based on geographical areas immediately above and below the benchmark price to give you a good idea of where prices may most closely match your budget. You will also be able see the most up to date change in prices, whether an increase or decrease since last month’s newsletter. This month I draw your attention to condominium prices, which have decreased in every example.

Detached Homes
The benchmark price for a single-family detached home in Greater Vancouver at the end of May was $1,462,100, an increase of 0.8 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,975,400 and Maple Ridge at $844,500. The three municipalities closest to the benchmark on the higher side of the average were: at $1,453,100 an increase of 1.2 per cent from the preceding month; Burnaby South at $1,502,400, an increase of 0.6 per cent from the preceding month; and Richmond at $1,530,500, an increase of 0.5 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,443,600 an increase of 1.8 per cent from the preceding month; Vancouver East at $1,430,100, an increase of 0.3 per cent from the preceding month; and Burnaby East at $1,220,400, a decrease of 0.4 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of April was $796,800, an increase of 0.6 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,131,800 and Maple Ridge at $544,800. The three municipalities (excluding Whistler which is too far out more most of my clients) closest to the benchmark on the higher side of the average were: Richmond at $802,300 an increase of 0.9 per cent from the preceding month; Vancouver East at $909,300, a increase of 1.8 per cent from the preceding month; and North Vancouver at $986,100 an increase of 2.0 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $780,000, an increase of 1.5 per cent from the preceding month; New Westminster at $759,700, an increase of 1.4 per cent from the preceding month; and Burnaby North at $727,100, a decrease of 0.1 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of March was $685,500, a decrease of 0.2 per cent from the preceding month. The extremities of this average were West Vancouver at $995,200 and Maple Ridge at $360,900. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $750,400, a decrease of 2.4 per cent from the preceding month; Vancouver West (not West Vancouver) at $805,900 a decrease of 0.6 per cent from the preceding month; and West Vancouver at $995,200, an decrease of 3.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $673,700, a decrease of 0.2 per cent from the preceding month; Port Moody at $670,900, a decrease of 0.1 per cent from the preceding month; and Richmond at $652,600, a decrease of 0.4 per cent from the preceding month.

Let me help
By working hard for my clients, I stay abreast of the most recent events in the real estate market. This includes monitoring monthly price fluctuations for every property type. If you would like to chat about your needs, whether for selling or buying, I am happy to talk to you. I never pressure anyone, but I can give you honest and informed advice so you can make your best decisions. Please feel free to call: 1 (604) 779-7992

Thanks for reading!

Sibo Zhang, REALTOR®

Despite Covid-19, housing prices and new listings move upwards

What a difference a month can make! As every sector of our economy is trying to cope with COVID-19 disruptions, there are many sources of pressure on the housing market. At the beginning of March, we were beginning to see a resurgence in demand for residential properties in Greater Vancouver. A stifled market after a lengthy period of onerous mortgage rules that had reduced demand had come to end. Buyers who had been waiting to see how low prices would go were now rapidly making offers in an optimal period of low interest and eased mortgage lending requirements. In the first two weeks of March, before the full COVID-19 effect was felt, residential sales across Metro Vancouver jumped over 17 per cent from the preceding month, reaching over 46 per cent higher than one year earlier. Then, just as quickly, a decline set in for the last half of the month – undoubtedly attributable to the precautions necessitated by the epidemic. At present, this unprecedented situation can only be monitored for its impact on the real estate market in the short term. While sophisticated statistical models can provide us with best- and worst-case scenarios, the spread of the virus is ultimately dependent on the behavior of people. However, there is optimism across our region that we are making progress in slowing the rate of infections through social distancing and other safety measures. Of course, this has impacted the ability of home seekers to attend open houses but there is still much you can do online and by phone. For this reason, I want to provide you with information that is useful during this challenging time.

If we are to consider the effect of the coronavirus on our housing market, we must focus on the timing of events. With the surge in demand in early March, we can see some larger than usual price increases beginning to take place. There was also a close to an 11 per cent increase in new listings in Metro Vancouver in March compared with February. This may be interpreted as a shift from a lengthy period of being a “buyers’ market” now transitioning to a “sellers’ market.” What this means is that the underlying demand of housing is pushing upwards and encouraging more people to put their property up for sale as prices rise. I have been advising home buyers to move quickly for the past couple of months, and I still encourage you to keep this market shift in mind. While Covid-19 may slow a rapid increasedue to the practical problems of visiting properties, it will not eliminate the underlying demand which has been pent up for a couple of years. Even with the slowing effect in the last half of March, the composite benchmark price for all residential properties in Metro Vancouver at the beginning of March was $1,033,700, a 1.3 per cent increase from February.  Broken down to each property type, there month-over-month increase across the board: 1.2 per cent increase for detached homes; 0.9 per cent increase for townhouses; and 1.4 per cent increase for condominiums. In the comparative benchmarks below, you can see that prices in the past month far exceed the number of decreases.  

 Detached Homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of March was $1,450,700, an increase of 1.2 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,942,200 and Maple Ridge at $835,100. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North at $1,453,100 an increase of 2.4 per cent from the preceding month; Burnaby South at $1,493,500, an increase of 1.1 per cent from the preceding month; and Richmond at $1,522,800, an increase of 0.9 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Vancouver East at $1,426,500, an increase of 1.3 per cent from the preceding month; Port Moody at $1,420,300, an increase of 0.6 per cent from the preceding month; and Vancouver East at $1,225,300, an increase of 2.5 per cent from the preceding month.  

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of March was $791,800 an increase of 0.9 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,133,500 and Maple Ridge at $535,100.  The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $795,000 an increase of 1.4 per cent from the preceding month; Vancouver East at $893,300, a decrease of 1.2 per cent from the preceding month; and Vancouver West (not West Vancouver) at $1,133,500, an increase of 0.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $768,400, a decrease of 0.6 per cent from the preceding month; New Westminster at $749,000, an increase of 0.7 per cent from the preceding month; and Burnaby North at $727,700, no change from the preceding month.

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of March was $687,000, an increase of 1.4 per cent from the preceding month.  The extremities of this average were West Vancouver at $1,027,600 and Maple Ridge at $359,700. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $678,900, an increase of 4.8 per cent from the preceding month; Vancouver West (not West Vancouver) at $810,800, an increase of 1.9 per cent from the preceding month; and West Vancouver at $1,027,600, an increase of 1.4 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $674,900, a decrease of 0.5 per cent from the preceding month; Port Moody at $671,900, an increase of 3.8 per cent from the preceding month; and Richmond at $655,200, an increase of 2.3 per cent from the preceding month.   

Let me help

I am working hard to help my clients during this challenging time. I know many of you want to find a home while prices are still within your budget; if you need help navigating the new rules for eased mortgage stress testing; or if you are looking for the best mortgage for your financial capacity, please give me call. There is a lot we can do online and by telephone. I encourage you to visit my website for an extensive list of properties, prices, and areas. Together we can meet the challenges we are facing with COVID-19 and still manage your housing needs.   

Please don’t hesitate to give me a call. (604) 779-7992

Thanks for reading!

Sibo Zhang, REALTOR®


One particular constant in Metro Vancouver’s residential market

There’s a single constant in the Greater Vancouver housing market that everyone should keep in mind. It can be expressed as simply as this: people want to live here. This includes families, singles, young people starting out in life, mid-career people with children, and retired seniors. Our region continues to grow in population size; not, however, in geographical size. It is to be expected, therefore, that residential housing will continue to rise in price over the long term. I think most people understand this, and those who see their lives as average and middle class are happy with a regulatory system that keeps prices to a moderate and somewhat predictable rate of increase. That is what we have been experiencing for several months now. What is a bit worrisome is that the supply side is not keeping pace, and if it continues to slow, as I have reporting here for the past few months, there is the looming fear that prices could we suddenly rise more rapidly than they are at present. The supply of housing can only increase with more listings from current owners, or from more residential building, which by necessity must be either with densification or with more towers. Let’s look at what the market statistics tell us now.

The composite benchmark price for all residential properties in Metro Vancouver at the end of January 2020 was $1,008,700. This was 0.8 per cent higher than the preceding month, and 1.4 per cent higher that six months ago. The average monthly increase has been relatively small but steady. It is possible that some homeowners may be using this rate to gauge when they will list their home for sale. And of course, if there is surge in prices, this may also trigger more listings, but the actual psychology of homeowners cannot be determined by this alone. It would be reasonable to guess that new listings may come from a market segment where age is an important determinant of selling one’s home. In the meantime, we must contend with currently low new listings, Last month’s new listings were over 17 per cent below the 10-year average. The total number of homes listed for sale in Metro Vancouver at the end of January was 8,617. This was a 20.3 per cent decrease compared with the same month one year ago. From these figures you can see that decreasing supply is occurring in the Metro Vancouver market place. In actual numbers, however, there is still an ample supply and at very good prices at present. Sales of detached homes and townhouses both increased by 0.5 per cent in the past month; and condominium sales increased 1.0 per cent in the same period. It’s an excellent time to make an offer on home. Check out the property types and areas below for comparative benchmark changes in the past month.

Detached Homes The benchmark price for a single-family detached home in Greater Vancouver at the end of January 2020 was $1,431,200, an increase of 0.8 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,929,600 and Sunshine Coast at $564,900. (Note I include the Sunshine Coast only as a factor in the average, but do not report on housing prices in this area because it is too far away for my clients). The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $1,493,500, an decrease of 0.1 per cent from the preceding month; Richmond at $1,503,100, a decrease of 0.5 per cent from the preceding month; and North Vancouver at $1,536,800, an increase of 1.6 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $1,407,700, an increase of 1.3 per cent from the preceding month; and Port Moody at $1,399,800, no change from the preceding month.

Townhouses The benchmark price for a townhouse in Greater Vancouver at the end of January 2020 was $782,500, an increase of 0.5 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,147,200 and Maple Ridge at $522,300. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $903,600, an increase of 2.6 per cent from the preceding month; North Vancouver at $478,400, an increase of 0.2 per cent from the preceding month; and Vancouver West (not West Vancouver) at $1,147,200, an increase of 1.0 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond, at $775,500, an increase of 0.7 per cent from the preceding month; Burnaby South at $768,100, an increase of 0.7 per cent from the preceding month; and New Westminster at $732,900, an increase of 1.2 per cent from the preceding month.

Condominiums The benchmark price for a condominium in Greater Vancouver at the end of January 2020 was $663,200, an increase of 1.0 per cent from the preceding month. The extremities of this average were West Vancouver at $996,600 and Maple Ridge at $342,400. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $714,500, a decrease of 0.1 per cent from the preceding month; Vancouver West at $775,700, an increase of 2.0 per cent from the preceding month; and West Vancouver at $996,600 a decrease of 1.3 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $661,700, an increase of 1.5 per cent from the preceding month; Port Moody at $640,700, a decrease of 2.2 per cent from the preceding month; and Richmond at $634,100, an increase of 0.6 per cent from the preceding month.

How can I help? I’m always eager to help my clients in any way I can. Please don’t forget I also bring strong banking and finance experience to help with your budget and mortgage planning. And if you are thinking about renovations on your existing home, I can offer good advice on what your investment will return to your future home value. I can also recommend reputable and reliable tradespeople who provide quality work at reasonable rates. Please let me know if I can assist in any way at all. It’s a pleasure for me to help you.

Please don’t hesitate to give me a call. (604) 779-7992

Thanks for reading!

Sibo Zhang, REALTOR®

New year sees prices moving upwards: combined residential benchmark rises over $1-million

Metro Vancouver

With both a new year and a new decade underway, many people will want to take notice of a significant event that has occurred in the Greater Vancouver real estate market. At the beginning of January, the combined benchmark price for a residential property rose above the 1-million mark. At $1,001,900, it is nearly $12,000 higher than at the end of September 2019. This is a substantial increase in the last quarter of 2019, yet it is worthwhile noting that it is still almost $18,000 less than in mid-2017, when it first surpassed the $1-million mark before government measures took effect in 2018. In short, I think we can now confidently expect continued upward prices, although at a more gradual rate than the pre-2017 upward price spiral. At the same, we are closing the gap relatively quickly to where prices were three years ago. If you have been delaying a decision to make a purchase offer, there is good reason to make it now. Another quarter at the same rate of increase will add another $10,000 to the benchmark price, and this may not be the only factor. Home listings can play a significant role.

It is important to watch the supply of homes on the market. Generally, there has been a decline in new listings over the past three years. While home hunters have no worries of finding lots of available homes to choose from, the decline in total inventory may start having an upward push on prices if demand continues to rise. At the end of 2019, the total of residential listings across all property types in Greater Vancouver reached close to 52,000. However, this was more than a 3.0 per cent decrease from 2018, and a 5.0 per cent decrease from 2017. Currently, inventory levels still offer an excellent variety to choose from in each of the residential categories. At the end of December 2019, the number of homes listed for sale in Metro Vancouver was over 8,600. Please take a look below at the comparative prices in each of the property type across Greater Vancouver that I have selected for you. This will allow to see the price changes over one month for areas closest to the benchmark price. If you have questions about any particular property type or municipal area, please don’t hesitate to give me a call.

Detached Homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of December 2019 was $1,423,500, an increase of 0.6 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,920,800 and Sunshine Coast at $574,600. (Note I include the Sunshine Coast only as a factor in the average, but do not report on housing prices in this area because it is too far away for my clients). The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $1,494,500, an increase of 0.6 per cent from the preceding month; Richmond at $1,495,400, a decrease of 0.3 per cent from the preceding month; and North Vancouver at $1,513,300, an increase of 1.1 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,399,800, an increase of 0.3 per cent from the preceding month; Vancouver East at $1,390,100, an increase of 0.9 per cent from the preceding month; and Burnaby North at $1,389,000, an increase of 0.6 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of December 2019 was $778,400, an increase of 0.7 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,135,800 and Maple Ridge at $533,800. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $880,800, an increase of 2.3 per cent from the preceding month; North Vancouver at $928,500, a decrease of 0.9 per cent from the preceding month; and Vancouver West (not West Vancouver) at $1,135,800, an increase of 0.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond, at $770,300, an increase of 0.5 per cent from the preceding month; Burnaby South at $762,600, a decrease of 0.9 per cent from the preceding month; and Burnaby North at $724,200, a decrease of 0.6 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of December 2019 was $656,700, an increase of 0.9 per cent from the preceding month. The extremities of this average were West Vancouver at $1,009,900 and Maple Ridge at $347,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $715,000, a decrease of 0.4 per cent from the preceding month; Vancouver West at $760,300, an increase of 1.3 per cent from the preceding month; and West Vancouver at $1.009.900, a decrease of 1.3 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $652,000, an increase of 0.7 per cent from the preceding month; Richmond at $630,200, an increase of 0.5 per cent from the preceding month; and Port Moody at $626,800, a decrease of 0.5 per cent from the preceding month.

Best Wishes for a happy and prosperous New Year!

This is a time when many new year’s resolutions are about doing something around your home, or perhaps even doing something with your home. If you are planning to renovate, build a deck, or decorate your home’s interior, I can help you find reputable and reliable tradespeople. If you are planning a home purchase, I can provide financial expertise on your mortgage planning. I truly enjoy being able to help my clients in any way I can.

Please don’t hesitate to give me a call. (604) 779-7992

Thanks for reading!

Sibo Zhang, REALTOR®

Market conditions bode well for home buyers in the New Year

As we approach the end of 2019, it’s a natural time to wonder what the New Year will bring. Let’s look first at what the past year tells us. Over the past 12 months we’ve had a 4.0 per cent decline in the composite benchmark price for residential properties in Greater Vancouver, and an increase in sales. Total residential sales at the end of November were over 55 per cent higher than one year ago. At the same time, the number of listed homes at the end of November was 10,770, a drop of nearly 13 per cent from November 2018. With lower inventory but increased demand, one would think that prices would have moved up, not down. So how do we account for this peculiar phenomenon? I suggest the primary reason is the ongoing trend in declining prices has been mainly a function of the market correction since government measures were put in place in 2018. So, the question on everyone’s mind is when will prices begin moving upwards again? The answer is, they already have, in some areas. The composite benchmark in Burnaby East, for example, has seen an increase of 1.5 per cent in the past three months; in the same period, Port Coquitlam has increased 1.4 per cent and Vancouver East has increased 1.0 per cent.


Overall, market watchers generally agree that home prices in Greater Vancouver have returned to a level in line with typical prices for the region. Because composite benchmarks are comparative averages, it’s important to look at specific areas to track the monthly price fluctuations. And even here you will find some minor increases and decreases which can be due to the current demand in a particular area. One metric you may also want to keep your eye on at this time is the composite benchmark price for residential properties across all of Metro Vancouver. It is currently $993,700, still below the $1-million mark, which I have often pointed out is an important psychological threshold for both buyers and potential sellers. Over the past six months, this benchmark has declined 1.3 per cent, which may be a reason why new listings have also declined. Since the composite benchmark is made up of individual benchmarks in the region, it can begin moving upwards with slight changes in areas that have shown modest declines. If you are thinking about buying, it’s probably best to make an offer before this happens. The New Year appears to be ready to start with stable market prices, but there is always growing demand for homes we may see a broader range of price increases. If you are thinking of buying, it’s a good time. My selected benchmarks below can help you with the current prices in each property type.


Detached Homes


The benchmark price for a single-family detached home in Greater Vancouver at the end of November was $1,415,400, an increase of 0.3 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,904,200 and Sunshine Coast at $588,000. (Note I include the Sunshine Coast only as a factor in the average, but do not report on housing prices in this area because it is to far away for my clients). The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $1,486,200, an increase of 0.3 per cent from the preceding month; Richmond at $1,490,800, a decrease of 0.7 per cent from the preceding month; and North Vancouver at $1,497,500, an increase of 2.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,395,400, an in crease of 0.1 per cent from the preceding month; Burnaby North at $1,380,700, an increase of 1.1 per cent from the preceding month; and Vancouver East at $1,377,100, an increase of 1.2 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of November was $772,800, an increase of 0.2 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,133,900 and Maple Ridge at $529,200. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $861,200, an increase of 1.0 per cent from the preceding month; North Vancouver at $937,100, an in crease of 0.1 per cent from the preceding month; and Vancouver West (not West Vancouver) at $1,133,900, an increase of 1.8 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $789,600, a decrease of 0.6 per cent from the preceding month; Richmond, at $766,400, a decrease of 0.9 per cent from the preceding month; and New Westminster at $735,400, an increase of 1.5 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of November was $651,500, a decrease of 0.2 per cent from the preceding month. The extremities of this average were West Vancouver at $1,022,700 and Maple Ridge at $347,300. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $718,100, an increase of 1.8 per cent from the preceding month; Vancouver West at $750,400, a decrease of 0.5 per cent from the preceding month; and West Vancouver at $1.022.700, a decrease of 2.5 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $647,300, an increase of 0.3 per cent from the preceding month; Port Moody at $629,700, a decrease of 0.2 per cent from the preceding month; Richmond at $627,100, an increase of 0.3 per cent from the preceding month.

Merry Christmas and Happy New Year
Your home is a special place and even more appreciated when it can be enjoyed with friends and neighbors this festive season. My family and I wish you a safe and merry holiday season, and best wishes for the New Year.

Thanks for reading!

Sibo Zhang, REALTOR®

Sales increase while prices still below one year ago; signs of prices now inching upward monthly.

November ushered in lots of sunshine for Vancouverites. And that wasn’t the only bright spot. For home hunters the more than 4,000 new listings in October makes for a great selection across all detached homes, townhouses and condominiums. Added to the existing supply, the total inventory of available properties rose to well over 12,000 in Metro Vancouver. October also saw a significant increase in home sales: over 22 per cent higher than September. This current upward movement in sales activity is a very positive indicator of buyer confidence in the Greater Vancouver market. Compared to sales one year ago, the volume is more than a 45 per cent increase. Prices overall can be described as stable, allowing sales transactions to take place without undue stress for both seller and buyer. Over the past six months, prices have decreased 1.7 per cent on average. But there are signs that prices may have begun inching upwards. For anyone wanting the current monthly comparison, take a look at the detailed comparisons I make for each of the property type below.


The composite benchmark price for all residential properties in Metro Vancouver at the end of October was $992,900, up slightly by 0.2 per cent above September. It is still 6.4 per cent below the benchmark price at this time one year ago so I still strongly recommend making an offer on a home now , especially if you have been waiting for an opportune time. With the recent increase in sales volume, we may begin to see prices edge upwards in the coming months, even though they have dropped below price levels one year ago. Take a look at the comparisons across the property types below and you will notice that there are more increases than decreases in the last one-month comparison. This cannot be construed as a trend yet, but I suggest market watchers take notice of the short-term variations each month. For example, each of the benchmark prices for detached homes, townhouses, and condominiums in Metro Vancouver this month has increased slightly over the preceding month. If you want a deeper dive into these benchmarks for prices in different municipalities, I have selected six areas for each property type. This allows you to watch the monthly change for any area, and you can stay abreast of the monthly changes in this newsletter.

Detached Homes
The benchmark price for a single-family detached home in Greater Vancouver at the end of October was $1,410,500, an increase of 0.3 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,912,000 and Sunshine Coast at $598,300. (Note I include the Sunshine Coast only as a factor in the average, but do not report on housing prices in this area because it is to far away for my clients). The three municipalities closest to the benchmark on the higher side of the average were: North Vancouver at $1,465,700, an increase of 0.2 per cent from the preceding month; Burnaby South at $1,473,100, an increase of 1.0 per cent from the preceding month; and Richmond at $1,501,600, an increase of 1.7 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $1,394,300, a decrease of 1.0 per cent from the preceding month; Burnaby North at $1,366,200, an increase of 1.6 per cent from the preceding month; and Vancouver East at $1,360,500, an increase of 0.1 per cent from the preceding month.

Townhouses
The benchmark price for a townhouse in Greater Vancouver at the end of October was $$771,600, an increase of 0.5 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,113,400 and Maple Ridge at $528,800. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $773,400, an increase of 0.8 per cent from the preceding month; Burnaby South at $776,600, an increase of 2.6 per cent from the preceding month; and Vancouver East at $852,800, an increase of 1.1 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: New Westminster at $724,800, and increase of 2.6 per cent from the preceding month; Burnaby North at $723,900, a decrease of 0.8 per cent from the preceding month; and Burnaby East at $653,000, an increase of 1.1 per cent from the preceding month.


Condominiums
The benchmark price for a condominium in Greater Vancouver at the end of October was $652,500, an increase of 0.2 per cent from the preceding month. The extremities of the average were West Vancouver at $1,048,800 and Maple Ridge at $350,400. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $711,300, a decrease of 0.4 per cent from the preceding month; Vancouver West at $754,100, a decrease of 0.1 per cent from the preceding month; and West Vancouver at $1,048,800, an increase of 2.7 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $645,300, a decrease of 1.4 per cent from the preceding month; Port Moody at $630,600, an increase of 0.6 per cent from the preceding month; and Richmond at $625,500, a decrease of 0.3 per cent from the preceding month.


I can help in many ways
I bring extensive experience in banking and finance so let me know how I can help. I am happy to share my expertise with you for mortgage planning or determining the optimal listing pricing for your property. If you are thinking of adding value to their home with renovations, I can also recommend reliable tradespeople who provide quality work at reasonable rates. Please don’t hesitate to ask. It gives me great pleasure to help my clients.

Thanks for reading!

Sibo Zhang, REALTOR®

Stable market conditions across all property types as summer draws to an end

METRO VANCOUVER

Where’s the market at now? That’s a question I’ve been hearing lately. It tells me people are aware of the dramatic price drop on homes for over a year. Whether someone has been waiting to list or buy, they seem to have sense that it’s now time to act – and I have to agree! I’ve been tracking the monthly price changes for you here in a period of market cooling since the all-time high in 2017. Of course, prospective buyers were reluctant to make an offer while the price trend has been downward. They are always wondering if the bottom has arrived, and will prices start moving up again?

It’s easy to fall into this kind of attitude, but it’s important to remember that there are multiple factors that make up price movements. To be practical, we can narrow our considerations to the assumptions that the downward trend we’ve seen in the past 15 months was due to stricter mortgage rules, with additional taxes also playing a role. However, the real estate market is made up of buyers and sellers who want to – indeed, need to – have transactions. And in a mature market area like Metro Vancouver, we can reasonably expect to return to what we call typical market activity.

Our two past summer months reflect what I would call this kind of typical activity, and even with some monthly decline in both sales and listings last month, I would venture to say that over the past two summer months, activity across Metro Vancouver appears to have returned to normal.

The combined benchmark price for a residential property in Greater Vancouver at the end of August was $990,300, a decrease of 0.2 per cent from July. This is too small a decrease to suggest an ongoing downward trend, and it should be noted that this benchmark is still below the $1-million mark which surpassed by the majority of single-family detached homes in Metro Vancouver’s various areas. Looking at the total inventory of homes on the market at the end of August, we have a plentiful supply at 13,396, which is over 13 per cent higher than one year ago. While the total sales in August were down 5.9 per cent compared with July, this cannot itself be construed as ongoing downward movement. It’s important to note that the number of August sales was actually close to 16 per cent higher than they were for the same month a year ago.

In short, if you want to make a sale or a purchase, there’s no time like the present. Take a look at the price comparisons I have selected for you below.

Detached Homes 

The benchmark price for a single-family detached home in Greater Vancouver at the end of August was $$1,406,700, a decrease of 0.7 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,880,800 and Sunshine Coast at $584,600. (Note I include the Sunshine Coast only as a factor in the average, but do not report on housing prices in this area because it is too far away for my clients.) The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,420,900, a decrease of 1.5 per cent form the preceding month; Richmond at $1,458,800, a decrease of 1.5 per cent from the preceding month; and Burnaby South at $1,467,900, a decrease of 0.6 per cent from the preceding month. The three municipalities closest to the benchmark on lower side of the average were: Burnaby North at $1,375,500, an increase of 0.2 per cent from the preceding month; Vancouver East at $1,346,500, a decrease of 0.5 per cent from the preceding month; and Burnaby East at $1,165,800, a decrease of 1.4 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of August was $771,900, an increase of 0.2 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,115,100 and Maple Ridge at $522,800. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $774,900, an increase of 0.5 per cent from the preceding month; Vancouver East at $838,100, a decrease of 1.1 per cent from the preceding month; and North Vancouver at $960, 200, an increase of 1.7 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $767,000, an increase of 0.8 per cent from the preceding month; Burnaby North at $721,500, a decrease of 0.2 per cent from the preceding month; and New Westminster at $713,000, a decrease of 0.1 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of August was $654,000, an increase of 0.1 per cent from the preceding month. The extremities of the average were West Vancouver at $1,062,100 and Maple Ridge at $351,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $700,700, a decrease of 2.9 per cent from the preceding month; Vancouver West at $756,000, an increase of 0.5 per cent from the preceding month; and West Vancouver at $1,062,100, a decrease of 2.2 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $648,500, a decrease of 0.8 per cent from the preceding month; Richmond at $626,700, an increase of 0.7 per cent from the preceding month; and Port Moody at $622,200, a decrease of 1.0 per cent from the preceding month.

Other ways I can help

I am here to help you, whatever your housing requirements, I bring experience in banking and finance to assist you in your mortgage planning. If you are thinking about listing your home for sale, I can also advise you on the optimal price for the current market conditions. And in case you are thinking about home renovations that will increase your home value, I can provide a comparative analysis on properties in your neighborhood. I can also recommend reputable tradespeople who do excellent work at fair rates. Please don’t hesitate to call me at (604) 779-7992. It gives me great pleasure to help my clients.

Thanks for reading!

Sibo Zhang, REALTOR®

Sales move up while new listings drop; composite residential benchmark still below $1-million

There are several market dynamics occurring at this time which reinforce what I have been saying for the last couple of months. If you are watching the housing market with the intention of buying, then I highly recommend you make that decision now. July sales in the Greater Vancouver region showed a sharp rise over June, an increase of more than 23 per cent in one month. I would normally not pay the as much attention to one month’s activity except that July is typically a slower month for real estate sales. Add to this current activity two other metrics to see what’s emerging. First, the number of new listings in July went down almost 5.0 per cent compared with June; and second, the composite benchmark price is just under the psychological threshold of $1-million. Together, these three figures suggest that buyers are realizing prices could begin rising against a declining inventory, and that once the $1-million mark is surpassed again, pent up demand can keep it going upwards. This can also cause potential sellers to delay their listing while hoping to get a higher price, which further move prices up on supply -demand basis.

In actual numbers, there is still a sizable inventory across all housing types so the selection remains very good with a total 14,240 homes available at the end of July. You can find a sample of benchmarks for each property type below with my latest comparisons of month-over-month prices. The composite benchmark price for Metro Vancouver at the end of July was $995,200, a slight decrease of 0.2 per cent from June. As I mentioned last month, this benchmark dropped below $1-million for the first time since 2017, brought down by market cooling measures taken by two levels of government. During this time, a lot of potential buyers have been waiting on the sidelines to make a purchase. As it did in 2017, this benchmark price jumped over $1-million quickly. I will be watching it for you in this newsletter next month. In the meantime, I encourage you to take advantage of the lovely summer weather and check out some of the great listings available to you now.

Detached Homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of July was $1,417,000, a decrease of 0.5 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $2,885,400 and Sunshine Coast at $596,300. (Note I include the Sunshine Coast only as a factor in the average, but do not report on housing prices in this area because it is to far away for my clients). The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $1,442,000, an increase of 1.0 per cent from the preceding month; Richmond at $1,474,800, a decrease of 0.7 per cent from the preceding month; and Burnaby South at $1,477,300, a decrease of 1.3 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $1,373,400, a decrease of 1.9 per cent from the preceding month; Vancouver East at $1,352,800, an increase of 0.2 per cent from the preceding month; and Burnaby East at $1,181,900, and increase of 0.1 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of July was $770,000, a decrease of 0.6 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,114,700 and Maple Ridge at $524,100. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $770,900, a decrease of 1.1 per cent from the preceding month; Vancouver East at $847,400, a decrease of 1.6 per cent from the preceding month; and West Vancouver at $1,114,700, a decrease of 1.0 per cent from the preceding month. (Note I have excluded Whistler in third place here because it is too far away for my clients.) The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $760,600, a decrease of 0.3 per cent from the preceding month; New Westminster at $713,900, a decrease of 1.1 per cent from the preceding month; and Port Moody at $656,900, an increase of 0.4 per cent from the preceding month. (Note I have excluded Squamish in third place here because it is too far away for my clients.)

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of July was $653,200, a decrease of 0.2 per cent from the preceding month. The extremities of the average were West Vancouver at $1,085,700 and Maple Ridge at $347,800. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $653,500, a decrease of 1.9 per cent from the preceding month; Burnaby East at $721,200, a decrease of 2.0 per cent from the preceding month; and Vancouver West (not West Vancouver) at $752,300, an increase of 1.1 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at 628,700, an increase of 1.4 per cent from the preceding month; Richmond at $652,500, a decrease of 1.0 per cent from the preceding month; and Burnaby North at $609,500, an increase of 0.3 per cent from the preceding month.

How can I help?

I am here to help you, whatever your housing requirements, I bring experience in banking and finance to assist you in your mortgage planning and can also advise you on pricing your home at the optimal price for the prevailing market conditions. This may include renovations that will increase your home value or simply enhance your own living comfort. I can recommend excellent tradespeople who are reputable, reliable and reasonable in their rates. It gives me pleasure to help my clients. Please don’t hesitate to call me for any real estate advice you may need.

Thanks for reading!

Sibo Zhang, REALTOR®

Government measures cited for lowest sales levels in 33 years

I have been showing you the dramatic effect since the middle of last year of government measures which began three years ago to cool the Vancouver residential market. There can be no doubt that the various taxes and stricter mortgage rules have been achieving their intended purpose, which was to reverse the market’s rapidly escalating prices in order to maintain a more affordable level of home ownership. As regular readers of this newsletter have seen, prices have been declining across for all residential property types typically about 0.5 to 1.0 per cent each month since last July.

At the same time, new monthly listings have continued to be quite plentiful, and the combined effect has created a strong buyer’s market. However, whenever social policy, no matter how well intended, alters market activity, other consequences can follow. This was the case raised this month by the Real Estate Board of Greater Vancouver. The number of home purchases has reached a low not seen for over three decades. At the end of March, home sales were down 31.4 per cent from one year earlier; down 46.3 per cent from ten years ago; and down 16.4 per cent from one month ago.

The concern raised by the Real Estate Board is that demand has been suppressed, not eliminated, and the bigger problem is that demand is not aligning with our economy as expected. In other words, it is thought that many prospective buyers are not buying at this time. Certainly, the statistics are correct, but I am not attributing this phenomenon entirely to social policy measures. Most of my clients are still focused on affordability, and I would encourage prospective buyers to take advantage of the many excellent opportunities in the current market. Below is my monthly selection of comparative benchmarks in areas across Metro Vancouver where you can see the monthly price change for whatever property type you are seeking.

Detached Homes

The benchmark price for a single-family detached home in Greater Vancouver at the end of March was $1,437,100, a decrease of 0.4 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $3.026,300 and the Sunshine Coast at $604,600. (Note I include the Sunshine Coast only as a factor in the average, but do not report on housing prices in this area because it is to far away for my clients). The three municipalities closest to the benchmark on the higher side of the average were: North Vancouver at $1,502,600, an increase of 0.7 per cent from the preceding month; Burnaby South at $1,545,200, an increase of 0.2 per cent from the preceding month; and Richmond at $1,546,500, no change from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $1,411,700, an increase of 0.8 per cent from the preceding month; Port Moody at $1,402,500, a decrease of 0.1 per cent from the preceding month; and Vancouver East at $1,390,700, a decrease of 1.6 per cent from the preceding month.

Townhouses

The benchmark price for a townhouse in Greater Vancouver at the end of March was $783,600, a decrease of 0.7 per cent from the preceding month. The extremities of this average were Vancouver West (not West Vancouver) at $1,184,500 and Maple Ridge at $534,200. The three municipalities closest to the benchmark on the higher side of the average were: Richmond at $791,500, a decrease of 0.6 per cent from the preceding month; Vancouver East at $821,300, a decrease of 0.3 per cent from the preceding month; and North Vancouver at $952,700, a decrease of 0.4 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby South at $779,500, a decrease of 3.5 per cent from the preceding month; Ladner at $732,700, an increase of 0.7 per cent from the preceding month; and Tsawwassen at $705,000, an increase of 0.3 per cent from the preceding month.

Condominiums

The benchmark price for a condominium in Greater Vancouver at the end of March was $656,900, a decrease of 0.5 per cent from the preceding month. The extremities of this average were West Vancouver at $1,116,200 and Maple Ridge at $352,500. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby South at $681,400, a decrease of 1.2 per cent from the preceding month; Burnaby East at $722,500, an increase of 0.5 per cent from the preceding month; and Vancouver West (not West Vancouver) at $769,200, a decrease of 1.9 per cent from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $653,400, a decrease of 1.0 per cent from the preceding month; Port Moody at $635,200, an increase of 2.0 per cent from the preceding month; and Burnaby North at $603,900, an increase of 0.5 per cent from the preceding month.

I am here to help you! Please let me know how I can assist you. If you are interested in buying, I can provide you with more detailed market information on your desired region and property type. I am also well experienced in finance and can assist you with your mortgage planning. In the event that you are thinking about listing, I can advise you on the optimal price range for your property with comparisons to other recent and historical sales in your neighborhood. And for anyone contemplating renovations, I have an excellent list of reliable, quality tradespeople at affordable rates.

Thanks for reading!

Please contact me for more information.

604-779-7992 

sibo.zhang@gmail.com

Sibo Zhang